Soros sold off Facebook stocks before they tanked, documents show

Liberal financier George Soros sold off his stake in Facebook earlier this year, before the social media giant’s stocks tumbled drastically. Documents also show that Soros dumped some Netflix and Goldman Sachs shares.

Securities and Exchange Commission (SEC) filings show that the Soros Fund Management sold off all of its Facebook holdings, and cut back on holdings in Netflix and Goldman Sachs in the third quarter of 2018. All three have dropped drastically since September, with Netflix tumbling 29 percent, Facebook down 20 percent, and Goldman Sachs losing 15 percent.

The controversial billionaire’s hedge fund has had an up and down relationship with Facebook, reportedly selling off 300,000 shares in November 2017, then buying back in over the summer of 2018, even as Soros denounced social media as a “menace to society.”